Many Canadians — newcomers, those rebuilding after financial difficulties, young adults, or anyone who wants to avoid hard inquiries — need a bank account without a credit check. The good news: several excellent options exist in Canada in 2025.
Best No Credit Check Bank Accounts in Canada 2025
| Institution | Credit Check | Monthly Fee | Savings Rate | Best For |
|---|---|---|---|---|
| KOHO | None (soft only) | $0 | 3.0% HISA | Best overall no-check account |
| EQ Bank | None | $0 | 3.75% HISA | Best savings rate |
| Tangerine | Soft only | $0 | Promotional | No-fee chequing |
| Simplii Financial | Soft only | $0 | ~0.1% | CIBC-backed digital |
| Scotiabank Basic | Soft only | $3.95/mo | ~0.01% | Basic in-person access |
What Is a Soft vs Hard Credit Check?
A hard inquiry happens when a lender formally reviews your credit for a credit decision. It slightly lowers your score (5–10 points) and stays on your report for 2–3 years. A soft inquiry (used for account verification, not lending) does NOT affect your credit score at all. Most no-fee bank accounts use only soft checks or no checks at all.
How to Open a No-Credit-Check Bank Account
- Visit KOHO.ca or EQ Bank.ca
- Enter your personal information (name, address, SIN optional for EQ Bank)
- Provide a valid government-issued ID (driver's license or passport)
- Fund the account via Interac e-Transfer or bank transfer
- Start using your account immediately
Frequently Asked Questions
Under Canadian law, federally regulated banks cannot refuse to open a basic account for someone who has valid ID, even with bad credit or bankruptcy history. Digital accounts like KOHO and EQ Bank are even more accessible.
Opening a chequing or savings account does NOT affect your credit score. Only credit products (credit cards, loans, mortgages) require hard inquiries. Bank accounts are not credit products and are not reported to credit bureaus.
Most accounts require one piece of government-issued photo ID (driver's license, passport, or provincial ID card). Some may also ask for a second piece of ID or proof of address. Newcomers can use a passport and immigration documents.
Yes. KOHO deposits are held at Peoples Bank of Canada (CDIC member). EQ Bank (Equitable Bank) is a CDIC member. Tangerine (Scotiabank subsidiary) is CDIC insured. Your deposits are protected up to $100,000 per insured category.
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Disclosure: Bremo may earn a referral commission. Not financial advice.